Negotiations between investment giant Blackstone and Hong Kong-based New World Development have reportedly reached a standstill over a massive $4 billion transaction, according to Bloomberg News reporting on Wednesday.
The discussions have hit a wall because the Cheng family, who maintains operational control of the Hong Kong real estate company, is unwilling to surrender management authority, sources with knowledge of the negotiations told Bloomberg.
The reported breakdown was published March 4, though Reuters noted they were unable to independently confirm the details of Bloomberg’s reporting.
The potential deal would have represented a significant acquisition for Blackstone, one of the world’s largest private equity firms, as it continues expanding its real estate portfolio globally.
